Cognition Therapeutics (NASDAQ:CGTX) Stock Falls 2% - Here's Why

Key Points

• Cognition Therapeutics shares fell 2% to about $0.88 in Friday trading, with volume below its average. The stock remains below both its 50-day and 200-day moving averages.
• Analyst sentiment is mixed: three analysts rate the stock a Buy and one rates it a Sell, resulting in a “Moderate Buy” consensus and an average price target of $3.33.
• The company reported a quarterly loss of $0.04 per share, beating the $0.06 loss expected by analysts. Institutional investors and hedge funds own approximately 43.35% of the shares.

Cognition Therapeutics, Inc. (NASDAQ:CGTX - Get Free Report)'s share price traded down 2% during trading on Friday. The company traded as low as $0.8741 and last traded at $0.8769. Approximately 316,659 shares were traded during mid-day trading, a decline of 26% from the average daily volume of 428,181 shares. The stock had previously closed at $0.8952.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the company. Weiss Ratings reiterated a "sell (d-)" rating on shares of Cognition Therapeutics in a research note on Monday, September 21st. Wall Street Zen downgraded Cognition Therapeutics from a "hold" rating to a "sell" rating in a report on Saturday, August 15th. Finally, HC Wainwright reiterated a "buy" rating on shares of Cognition Therapeutics in a research note on Monday. Three analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company's stock. According to data from MarketBeat.com, Cognition Therapeutics presently has an average rating of "Moderate Buy" and an average target price of $3.33.

Cognition Therapeutics Price Performance

The company has a market cap of $83.39 million, a P/E ratio of -5.16 and a beta of 1.80. The company has a fifty day simple moving average of $1.00 and a 200-day simple moving average of $1.08.

Cognition Therapeutics (NASDAQ:CGTX - Get Free Report) last announced its earnings results on Thursday, August 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.06) by $0.02. On average, analysts anticipate that Cognition Therapeutics, Inc. will post -0.30 EPS for the current year.

Institutional Trading of Cognition Therapeutics

A number of institutional investors and hedge funds have recently modified their holdings of CGTX. BlackRock Inc. bought a new position in Cognition Therapeutics during the second quarter valued at about $1,451,000. Tocqueville Asset Management L.P. bought a new position in Cognition Therapeutics in the second quarter worth $369,000. Renaissance Technologies LLC raised its stake in shares of Cognition Therapeutics by 15.2% in the 1st quarter. Renaissance Technologies LLC now owns 1,117,136 shares of the company's stock valued at $848,000 after buying an additional 147,623 shares in the last quarter. Texas Capital Bank Wealth Management Services Inc bought a new position in shares of Cognition Therapeutics during the 2nd quarter worth about $165,000. Finally, Sigma Planning Corp increased its stake in Cognition Therapeutics by 56.3% in the first quarter. Sigma Planning Corp now owns 337,765 shares of the company's stock valued at $257,000 after acquiring an additional 121,600 shares during the period. 43.35% of the stock is currently owned by institutional investors and hedge funds.

Cognition Therapeutics Company Profile

Cognition Therapeutics, Inc is a clinical-stage biopharmaceutical company focused on developing medicines for neurodegenerative diseases that affect memory, cognition and behavior. The company's research centers on drug candidates designed to protect or restore synaptic function, which is important for communication between nerve cells.

Cognition Therapeutics' lead investigational product is CT1812, an orally administered, brain-penetrant small molecule designed to modulate the sigma-2 receptor complex.

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